Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,684/mo
Lowest payment- Down payment
- $56,152
- Funds due
- $66,116
- Interest + MI left
- $123,528
- First ends
- Apr 2051
Assumption
Assumption + second
$1,894/mo
+$209/mo- Down payment
- $30,152
- Funds due
- $41,424
- Interest + MI left
- $172,841
- First ends
- Apr 2051
New loan
New conventional
$2,223/mo
+$539/mo- Down payment
- $30,152
- Funds due
- $38,328
- Interest + MI left
- $394,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,748 | $243,748 | $269,748 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,143.41 | $1,143.41 | $1,827.37 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $198.91 | $198.91 | $53.95 |
| Taxes, insurance & HOA | $342.00 | $342.00 | $342.00 |
| Total housing payment | $1,684.31 | $1,893.51 | $2,223.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,152
Closing costs & prepaids$11,272
Usable credit−$0
Total buyer cash needed$41,424
Earnest money paid−$0
Remaining funds due$41,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$164.08
Prepaid interest, second (9 days)$57.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 4 moOf the original 30-year loan at 2.73%
Interest already paid$40,690Through Dec 2026
Assumption only · ends Apr 2051$123,528
Assumption + second · ends Apr 2051, second Jan 2057$172,841
New conventional · ends Jan 2057$394,416